A DECLARATION BY THE DIRECTION THAT-
The company has not defaulted in the repayment of deposits accepted either before or after the commencement of the Act or payment of interest three on;
The Board of Directors have satisfied themselves fully with respect to the affairs and prospects of the Company and that they are of the opinion that having regard to the estimated future financial position of the Company, The company will be able to meet its liabilities as and when they become due and that the Company will not become insolvent within a period of one year from the date of issue of the circular or advertisement;
The Company has complied with the provision of the Act and rules made there under;
The compliances with the Act and rules does not imply that repayment of deposits is guaranteed by the Central government;
The deposits accepted by the Company before the commencement of the Act have been repaid.
In case of any adverse change in credit rating, depositors will be given a chance to withdraw deposits without any penalty.
The deposits shall be used only for the purposes indicated in the Circular or circular in the form of advertisement;
The deposits accepted by the Company (other than the secured deposits , if any, aggregate amount of which to be indicated) are unsecured and rank pari passu with other unsecured liabilities of the Company.
Date:24th May, 2016
For and on behalf of Board of Directors
For Godavari Biorefineries Limited
Samir S Somaiya
Chairman and Managing Director